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Critical Illness Cover

Critical Illness Cover can provide financial protection if you're diagnosed with a serious illness or disability listed in your policy.

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What is Critical Illness Cover

Critical Illness Cover is a type of insurance policy that financially protects you and your family if you are diagnosed with a critical illness.

Critical Illness Cover will pay out in a lump-sum to help you cover your finances through this stressful period in time.

Each Critical Illness Cover policy is different; make sure that your insurance covers the right illnesses.

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How does Critical Illness Cover work?

Critical Illness Cover is only paid out if you are diagnosed with one of the illnesses or disabilities listed in your policy.

The policy only pays out if you are diagnosed within the your Critical Illness Cover policy term.

The lump-sum is usually used to cover costs such as medical treatments, mortgage repayments, rent, home modifications or financially supporting family members.

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What illnesses does Critical Illness Insurance cover?

Each Critical Illness Cover policy is different and will cover different illnesses and disabilities.

Here is an example of the types of illnesses and disabilities you may find listed in a Critical Illness Cover policy:

  • Cancer
  • Heart Attacks & Strokes
  • Organ Transplants
  • Major Organ & Kidney Failure
  • Paralysis
  • Parkinson’s Disease
  • Alzheimer’s Disease/Dementia
  • Loss of Limbs
  • Blindness or Deafness
  • Comas

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Critical Illness Cover FAQs

Is is worth getting Critical Illness Cover?

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Deciding whether to get Critical Illness Cover depends on your individual circumstances, financial situation, and personal needs.

Critical Illness Cover can provide you and your family with financial security in the event of your diagnosis of a critical illness or disability. This is something that other people may value more than others.

If you are diagnosed with a critical illness or disability, you may need the money to finance your medical treatments, pay off outstanding debt, support your family, repay your mortgage or something similar. Without Critical Illness Cover, you may be unable to protect yourself in these situations financially.

Consulting with a mortgage advisor or insurance specialist can help you make an informed decision tailored to your unique situation.

What are the big 5 critical illnesses?

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The big 5 critical illnesses are cancer, heart attack, stroke, major organ failure and multiple sclerosis (MS).

If you want to protect yourself against these critical illnesses with Critical Illness Cover, it is worth speaking with an insurance specialist to make sure that they are covered in the policy you are taking or have already taken out.

The likelihood is that these will be or are included within your Critical Illness Cover policy, however, it is always checking.

Can you get Critical Illness Cover without Life Insurance?

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Yes, you can have a Critical Illness Cover policy as well as a Life Insurance policy. It is perfectly normal to have both types of insurance policies at the same time.

Critical Illness Cover works slightly differently from Life Insurance. Critical Illness Cover pays out a lump-sum when you are diagnosed with a critical illness or disability within your policy, whereas, Life Insurance pays out when you pass away within your policy term.

How much is Critical Illness Cover?

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The cost of Critical Illness Cover can vary widely depending on several factors.

The main factors that will affect how much your monthly premiums cost are age, health status, coverage amount, policy term, occupation, lifestyle factors, family medical history and other policy features.

Generally, the younger that you are, the lower your Critical Illness Cover costs will be. However, this will not always be the case.

The best way to work out how much Critical Illness Cover is going to cost you is to get a free insurance quote from our specialist. Every customer can benefit from a free insurance review, where we can either run through a new or existing policy.

Where can I get a Critical Illness Cover quote?

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Getting a Critical Illness Cover quote can either be done online by shopping around for a policy. However, to get the most out of your policy and to try and save a little bit of money, we recommend speaking with an insurance specialist.

Speaking to an insurance specialist ensures that you are taking out a policy that matches your personal and financial situation. If you take out a policy online, you may not be covered by every critical illness or disability either.

We want to find a Critical Illness Cover policy that is tailored to your personal situation and lifestyle.

 

When does Critical Illness Cover pay out?

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Critical Illness Cover pays out in a lump-sum when you are diagnosed with an illness or disability included within your policy.

To receive the lump-sum from your Critical Illness Cover, you usually need to provide your insurance provider with medical evidence. This can include test results or doctor reports.

Some policies may also require you to survive for a minimum period following your diagnosis. This is to ensure that the payout is only made for critical illnesses that have a significant impact on your health.

Each policy will have a specific start and end date. Critical Illness Cover will only pay out if you receive a diagnosis within this term.

Your Critical Illness Cover policy must also be active. This means that you must be up-to-date with your policy payments.

Is there a time limit for claiming Critical Illness Cover?

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Some Critical Illness Cover policies may specify a window where you need to make a claim once you are diagnosed with a critical illness or disability.

This can range anywhere from 30 days to 6 months. This timeframe will be highlighted within your Critical Illness Cover policy.

Who takes out Critical Illness Cover?

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Critical Illness Cover is taken out by individuals seeking financial protection against the impact of serious health conditions.

The key groups of people who commonly take out Critical Illness Cover are homeowners/mortgage holders, families with dependents, people with limited savings and people who have high-risk health issues.

If your situation is not listed above, it does not mean Critical Illness Cover is not for you. Planning proactively and preparing yourself for the unexpected is always a good approach to have when owning large financial assets such as a mortgage. The policy could protect you and your family in the future.

Critical Illness Cover or Income Protection?

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Deciding between Critical Illness Cover and Income Protection depends on your individual circumstances, financial goals, and specific needs.

Critical Illness Cover provides a one-time lump sum payment upon diagnosis of a specified critical illness or disability. It covers serious illnesses such as cancer, heart attack, stroke, and others listed in the policy. The lump sum can be used for any purpose, including medical treatment, living expenses, or mortgage payments.

Income Protection provides a regular income if you are unable to work due to illness or injury. The payments continue until you can return to work or until the policy term ends (often up to retirement age). This ensures a steady stream of income, typically covering a percentage of your salary (e.g., 50-70%).

In some cases, it may be best to take out a combination of Critical Illness Cover and Income Protection. This approach ensures you have a steady income if you cannot work and a lump sum to cover major expenses if diagnosed with a critical illness.

We recommend speaking with one of our insurance specialists to work out the most appropriate option for you. We will look at the cost of the coverage of both and determine whether this is the best route for you.

Reasons to Choose Us

Protecting you and your family

We aim to find a Critical Illness Cover policy that matches your personal and financial situation, making sure that you are protected from an unexpected critical illness or disability diagnosis.

Trusted insurance specialists

We've had the pleasure of helping many different types of customers find a perfect insurance product for their situation.

We can't wait to help you next!

1000s of insurance options

Our team of insurance specialists will search through a wide range of options to find the most appropriate product for your personal and financial circumstances.

Open and Honest insurance advice

Transparency is at the heart of our service. When we can, we will try and save you time and money on your Critical Illness Cover.

Other policy recomendations

If we feel that your situation is better suited to another type of insurance policy, we will be transparent with you.

In some cases, it could be best to take out multiple policies to maximise your protection.

Available 7 days a week

You can book a free insurance review for the morning, afternoon or later in the evening, 7 days a week!

We are even available most bank holidays!

How is the price of my Critical Illness Cover worked out?

Age

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You will usually find that younger people pay lower premiums, as they are generally at a lower risk of developing critical illnesses.

As you age, the likelihood of serious health conditions increases, which is reflected in higher premiums for Critical Illness Cover.

Health Status

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Your current health and medical history influence the cost of your Critical Illness Cover policy.

Insurers will assess any pre-existing conditions, lifestyle habits (such as smoking), and overall health.

Those in better health typically receive more favourable rates.

Coverage Amount

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The total cost of your coverage or the amount of coverage you select impacts your premiums.

Higher coverage amounts lead to higher premiums since the insurer would have to pay out more in the event of a claim.

Policy Term

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The duration of the policy term also plays a role in determining the cost of Critical Illness Cover.

Longer terms typically result in higher premiums, though they provide coverage over a longer period of time.

Occupation

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Certain occupations are deemed higher risk due to their physical demands or exposure to hazardous conditions.

Consequently, this may lead to higher premiums on your Critical Illness Cover.

Lifestyle Factors

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Lifestyle choices, such as smoking, alcohol consumption and how active of a person you are, influence your Critical Illness Cover premiums.

For example, smokers typically face significantly higher premiums compared to non-smokers.

Family Medical History

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If there is a family history of certain illnesses, such as cancer or heart disease, your Critical Illness Cover premiums may increase.

Policy Features

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Extra features added to your Critical Illness Cover policy may increase your premiums.

Additional policy features could include covering more illnesses or disabilities.

UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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